Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 4 | Simplii Financial | Discussion forum

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Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022
August 11, 2022
7:28 pm
Bill
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The link is the same, it just takes you to a new document outlining the 3.85% t&c, thus it appears the original 3% document the link previously took you to is gone, replaced by the new one. Which supports everything you're saying, i.e. the 3% offer has been replaced by the 3.85% offer for those on the original 3% offer, no need for "accept" button. Not sure who the button is for as their site still says 3% is the promo rate for new customers:
https://www.simplii.com/en/special-offers/no-fee-chequing-account.html

August 12, 2022
5:44 am
Norman1
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I would speculate that Simplii may add new clients to the 3.85% offer who were not already on the 3% offer. For such clients, I would guess that the pop up would have an "accept" button as such clients didn't previously accept the 3% offer.

August 12, 2022
10:32 am
lancedragons
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I was offered the 3% originally, but didn't accept, since I already had the Tangerine 3% until Nov 30. I did get the 3.85% this time as well and had an "accept" button.

August 12, 2022
11:18 am
G0ldenbarstewart
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You all realize that you do not get the bonus interest UNTIL the end of the promo period??? They did not make that clear - I was shocked to receive only 0.1% for July - I phoned to ask where the bonus interest was and they casually said, oh you don't get that for 3 months! I moved the money out and closed the account. I needed that interest to pay a credit card - now I have to pay 20% interest on the balance due on that card 'cause I didn't have the funds to pay it off.sf-yell

August 12, 2022
11:23 am
for interest sake
Ontario
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Benjames35 said
Remember when Simplii was PC Financial paying 4% interest all the time not just for promotions. I think around 2006-2007  

Sure do! I was just thinking about that this morning. It was even before that -- around 2002 as far as I recall.

August 12, 2022
11:35 am
for interest sake
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I just called Simplii to ask if my 3.0% could be increased to the current 3.85% promo (before transferring funds to Scotiabank), and was told it had already been automatically taken care of for all customers who had money in the 3% promo. The end date remains the same -- Oct. 31, 2022. I asked for a confirmation e-mail, which I have since received, and also suggested they communicate way better with their customers -- how were we to know?
Here's the link to the confirmation e-mail -- https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/simplii_financial_promotional_savings_rate_July_2022.pdf

August 12, 2022
12:37 pm
Norman1
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G0ldenbarstewart said
You all realize that you do not get the bonus interest UNTIL the end of the promo period??? They did not make that clear - I was shocked to receive only 0.1% for July - I phoned to ask where the bonus interest was and they casually said, oh you don't get that for 3 months!…

Yes, I was aware of that. That was in the confirmation e-mail and the terms and conditions PDF. That's how Simplii's offers work:

Promotional Interest will be paid in November 2022 into a single Eligible Savings Account held by the primary account holder, which account must be active and in good standing at the time of payment. If a primary account holder holds more than one such Eligible Savings Account, Promotional Interest will be paid to the primary account holder’s Eligible Savings Account with the most recent date of activity.

August 12, 2022
2:06 pm
Bruford
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for interest sake said
I just called Simplii to ask if my 3.0% could be increased to the current 3.85% promo (before transferring funds to Scotiabank), and was told it had already been automatically taken care of for all customers who had money in the 3% promo. The end date remains the same -- Oct. 31, 2022. I asked for a confirmation e-mail, which I have since received, and also suggested they communicate way better with their customers -- how were we to know?
Here's the link to the confirmation e-mail -- https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/simplii_financial_promotional_savings_rate_July_2022.pdf  

I wouldn't trust that as confirmation of enrollment. If you read it, it specifically says "available by invitation only". I received an invitation, but my wife did not. We were both on the 3%.

August 12, 2022
3:03 pm
for interest sake
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Bruford said

I wouldn't trust that as confirmation of enrollment. If you read it, it specifically says "available by invitation only". I received an invitation, but my wife did not. We were both on the 3%.  

Then maybe you should phone and challenge them. From what I've been told, everyone who received and responded to that initial 'invitation' of 3.0% the beginning of July is eligible for the increase to 3.85%.

August 13, 2022
3:44 am
bryguy
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FYI. Received my confirmation email this morning from Simplii for the 3.85% offer I accept on Wednesday night and posted here. So about 2 days to receive the confirmation email after accepting the offer. All my HISA offers from Simplii showed up as pop ups when I logged into the online banking website.

I have never received an HISA offer via email from Simplii nor had any issues with them not paying the interest after the promo period.

PS: I always do screenshots/snippets and copy and paste the text of the HISA offers in a word document when I see them pop up on my online banking just to have it documented, this was especially true before Simplii started sending confirmation emails.

August 13, 2022
6:00 am
frencols
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If this gives me the interest money after the full period is over, this isn't exactly a regular "HISA" offer and more essentially like, say, a GIC... right?

August 13, 2022
6:11 am
savemoresaveoften
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frencols said
If this gives me the interest money after the full period is over, this isn't exactly a regular "HISA" offer and more essentially like, say, a GIC... right?  

wrong, cuz u can withdraw any amount any time you want, you earn interest on whatever $ you have in the account during the period.

August 13, 2022
9:27 am
Bruford
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for interest sake said

Then maybe you should phone and challenge them. From what I've been told, everyone who received and responded to that initial 'invitation' of 3.0% the beginning of July is eligible for the increase to 3.85%.  

Too much effort, I just transferred my wifes HISA holdings to my HISA through our joint account with Simplii.

August 15, 2022
12:48 am
frencols
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savemoresaveoften said

wrong, cuz u can withdraw any amount any time you want, you earn interest on whatever $ you have in the account during the period.  

OK thanks, so more like a redeemable GIC then, and not, as I said, essentially like a usual HISA that calculates daily and pays out monthly, right?

(And even with some redeemable GICs, I'm still paid the interest already due uptill the date of withdrawal. But this "HISA" promotion, I think, won't even do that?)

August 15, 2022
4:33 am
savemoresaveoften
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frencols said

OK thanks, so more like a redeemable GIC then, and not, as I said, essentially like a usual HISA that calculates daily and pays out monthly, right?

(And even with some redeemable GICs, I'm still paid the interest already due uptill the date of withdrawal. But this "HISA" promotion, I think, won't even do that?)  

You still earn interest on any amount you have in the account, just that the base interest is paid monthly, while the bonus is not paid until 2weeks after the promotion ends.
Also a redeemable GIC is like a all-or-none withdrawal, while the Simplii is just like any savings account, where you can add / subtract funds anytime you want. You only earn bonus on the portion above the waterline which is set at the beginning of the promo.

August 16, 2022
12:00 pm
RetirEd
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Don't forget that you can slice up your cashable terms to get around the all-or-nothing problem.
RetirEd

RetirEd

August 16, 2022
12:01 pm
dougjp
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A lesson on how not to impress potential new business, 101...

I just received a letter from Simplii, saying that for all interest rate tiers, my rate (for my account with a penny or so in it) will be 0.4%!

I'm not sure I recall what the effective date for this was, or if there was anything in the letter explaining what the before and after comparison to what they were changing was, or why they were spending postage to communicate this, because the letter was shredded into the garbage before anything was actually remembered! sf-confused

" We may never pass this way again " - Seals & Crofts

August 16, 2022
2:35 pm
JohnnyCash
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dougjp said
A lesson on how not to impress potential new business, 101...

I just received a letter from Simplii, saying that for all interest rate tiers, my rate (for my account with a penny or so in it) will be 0.4%!

I'm not sure I recall what the effective date for this was, or if there was anything in the letter explaining what the before and after comparison to what they were changing was, or why they were spending postage to communicate this, because the letter was shredded into the garbage before anything was actually remembered! sf-confused  

Got the same letter today, my interpretation of it was to advise clients that the tier balance structure for base interest on their HISA would be changing from 2 tiers to 5 tiers. Currently all tiers new and old are at the same 0.40%, I expect that in future the 5 tiers will all pay different base rates depending on how much a client has on deposit. We'll see what happens after October 21, if anything.

August 17, 2022
6:40 am
COIN
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"the tier balance structure for base interest on their HISA would be changing from 2 tiers to 5 tiers" Next, will they come up with 10 tiers?

Are there staff at simplii who have too much time on their hand? I'll stick with DUCA and Meridian where it is one rate across the board.

September 10, 2022
6:22 am
COIN
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This is strange. I received no emails and see nothing when I log in. However, I called them and was advised I am already enrolled in the 3.85%. I asked them to confirm with an email but was told that their word over the phone is sufficient.

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